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Lake Wales to update firefighters' pension ordinances to comply with federal age change
Summary
Commissioners heard ordinances to align the firefighters pension plan with the Secure Act 2 increase in required minimum distribution age from 72 to 73; staff said there is no cost to submit the exchange.
The City Commission reviewed two ordinances intended to bring the Lake Wales firefighters pension plan into alignment with federal tax law changes that increase the required minimum distribution age.
Sandra (last name not specified), the staff presenter, told commissioners the ordinances implement Secure Act 2 requirements that raise the minimum withdrawal age from 72 to 73 for affected retirement plans. She said the change is a requirement from the IRS and state direction and that there are no costs associated with submitting the exchange.
Commissioners asked whether plan participants have a choice; staff answered that the change affects required minimum distributions for members who have reached the new age and that compliance is effectively mandatory under federal tax rules. The transcript records no formal vote on the ordinances during the portion of the meeting provided.
The ordinances were presented as separate items with different ordinance numbers but identical substance. Staff said the change affects retirees who reach the specified age and who have not yet begun withdrawals.
